Zurich Insurance, a Switzerland-based multi-line insurance provider, is planning to scrap all of its 700 life insurance agents in Hong Kong by the end of the year, as its focuses to sell insurance products from agents to brokers and advisers.

The company has decided to stop selling life insurance products in Hong Kong through agents, as the company is not happy with the sales performance of agents, scmp.com reported.

Further, it will help the Swiss insurer to diversify its sales channels to include independent financial advisers (IFAs), banks and direct marketing online or over the telephone.

Zurich was quoted by the South China Morning Post as saying, "Despite our focus on growing the tied-agency channel for many years, it has not achieved sustainable scale," reported the news portal.

"We believe IFA distribution can provide the broadest and most appropriate solutions for our targeted customers to fulfil their protection, wealth management and retirement needs."